Data center operator Verne Global is set to considerably expand its campus in Iceland over the next 12 months, after securing $93 million in additional investment from Digital 9 Infrastructure (D9).
The company will spend the funds on a brand new data hall that will offer 8.2MW of capacity, and reconfigure some of its existing real estate to support another 12.5MW worth of IT equipment.
London-based D9, an investment trust specializing in digital infrastructure, acquired Verne Global in September 2021 in a deal worth £231 million (~$313m).
“We are delighted to receive continued support from our owner D9 for the accelerated expansion of our data centre capacity," Dominic Ward, CEO of Verne Global, told Data Center Knowledge.
"We are seeing significant growth in demand in all areas and this capital will be put to effective use immediately to cater to the demand of both new and existing customers. Our continued focus is to enable our customers to reach their decarbonisation goals while addressing their rapidly growing digital needs."
Under new management
Verne Global operates a single data center campus on a former NATO site near Keflavik, Iceland. The facilities are powered by 100% renewable energy from abundant local hydroelectric and geothermal sources.
Following the investment, the campus will more than double its available capacity, bringing the total to 40MW – out of potential 100MW.
D9 said the data hall currently under construction is expected to start generating revenue in Q3 2022, while additional developments are expected to be completed and start ramping up in Q1 2023.
"Verne Global's data center assets represent some of the cleanest, lowest carbon footprint data centers, globally,” commented Thor Johnsen, head of digital infrastructure at Triple Point, D9’s investment manager.
“This follow-on investment to fund the expansion of the Verne facility, driven by capacity demand from both new and existing customers, will enable these customers to shift further toward their decarbonization goals while addressing their growing digital needs. The investment also demonstrates our ongoing ability to deliver attractive and accretive contracted cash flow through our investment platform, a leading Nordic data center business."